POST-MARKET SUMMARY 6th December 2024

On December 6, the Indian benchmark indices ended with marginal losses in a volatile session. The Reserve Bank of India’s Monetary Policy Committee (MPC) kept the benchmark repo rate unchanged at 6.5% for the 11th consecutive time and announced a 50-bps reduction in the CRR to 4% to improve liquidity in the banking system. Also read: RBI Policy Meeting December 2024: Key Highlights & Insights 

On the sectoral front, all indices except IT and Media ended in the green, with Auto, Metal, FMCG, Telecom, and PSU Bank gaining 0.3%-1%.

NIFTY: The index opened 21 points higher at 24,729 and made a high of 24,751 before closing at 24,677. Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 24,760 while immediate support is at 24,560. 

BANK NIFTY: The index opened 33 points higher at 53,634 and closed at 53,509. Bank Nifty has formed a bearish candlestick pattern on the daily chart. Its immediate resistance level is now placed around 53,700 while immediate support is around 53,200.

Stocks in Spotlight

▪  Ceigall India: Stock surged nearly 4% after the company announced receiving an arbitration award worth Rs 54.21 crore in its favour in the Greater Mohali Area Development Authority (GMADA) case.

▪  Zaggle Prepaid Ocean Services: Stock hit the 5% upper circuit after the company secured three new orders from AGP City Gas, Hitachi India and Blink Commerce.

▪  RITES: Stock jumped over 3% after the company secured a Rs 148.25 crore project from the Indian Institute of Management, Raipur.

Global News

▪  Asian markets edged lower, tracking a drop in US shares ahead of jobs data that may help shape the direction of the Federal Reserve’s policy path later this month.

▪  The pan-European Stoxx 600 rose 0.1% at the end of a data-heavy week on Friday, which also saw the French government topple, plunging the eurozone's second-largest economy into political uncertainty.

▪  Gold prices edged higher on Friday, but were poised for a second straight weekly decline as investors remained cautious ahead of the U.S. non-farm payrolls data that could shape the Federal Reserve’s rate cut path.

▪  Oil prices slipped in early Asian trading on Friday, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026.

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